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Disney Family Fund Invests in East Otay

Genesis Real Estate Fund II, LLC, managed by Shamrock Capital Advisors, has provided Paragon Management Co. $5 million in equity funding to buy 161 acres adjacent to the U.S.-Mexico border in the unincorporated area of east Otay Mesa.

Genesis and Paragon, joint venture partners in the land, plan to develop a 110-acre industrial park near Alta and Airway roads, two miles east of the U.S.-Mexico border crossing in Otay Mesa and immediately north of a proposed second Otay Mesa border crossing.

The partnership is in the process of obtaining entitlements on the property, according to Mark Schaffer, Shamrock managing director.

The financing is the first for the recently closed $104 million Genesis Real Estate Fund II, formed to stimulate economic development in low- and moderate-income communities while delivering returns to its investors.

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Genesis I, formed in 2000, facilitated more than $250 million in retail, industrial, mixed-use and office development, and was responsible for the creation or retention of an estimated 5,000 jobs in Southern California, according to the company.

Genesis Real Estate Fund II provides gap financing to developers on projects ranging in value from $10 million to $80 million.

Burbank-based Shamrock Capital Advisors is an affiliate of Burbank-based Shamrock Holdings of California, Inc., the investment arm of the Roy E. Disney family.

, Pat Broderick

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